Page 219 - Microsoft Word - 00 ACCA F1 Notes Prelims.docx

Chapter 14

Financial systems and procedures

Outcome

By the end of this session you should be able to:

 identify an organisation’s system requirements in relation to the objectives and
policies of the organisation

 describe the main financial systems used within an organisation:

– purchases and sales invoicing

– payroll

– credit control

– cash and working capital management

 explain why it is important to adhere to policies and procedures for handling
clients’ money

 identify weaknesses, potential for error and inefficiencies in accounting systems

 recommend improvements to accounting systems to prevent error and fraud
and to improve overall efficiency

 explain why appropriate controls are necessary in relation to business and IT
systems and procedures

and answer questions relating to these areas.

The underpinning detail for this Chapter in your Notes can be found in
Chapter 14 of your Study Text

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